[Congressional Record (Bound Edition), Volume 154 (2008), Part 3]
[House]
[Pages 3625-3626]
[From the U.S. Government Publishing Office, www.gpo.gov]




                        JOBS POST BIGGEST DROP 
                               IN 5 YEARS

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentlewoman from Ohio (Ms. Kaptur) is recognized for 5 minutes.
  Ms. KAPTUR. Madam Speaker, since 2000, our Nation has lost over 
3,400,000 more manufacturing jobs. In fact, the job creation record of 
the Bush administration is the worst since the Hoover administration.
  The figures released by the U.S. Department of Labor last week posted 
the largest job loss in 5 years. The report was much weaker than 
expected, and, strangely, the unemployment rate declined because there 
were fewer people in the workforce. CNN's Moneyline reported that 
employers made their deepest cuts in staffing in almost 5 years in 
February. There was a net loss of 63,000 more jobs, which is the 
biggest decline since March 2003, and weaker than the revised 22,000 
job loss reported for January. The job loss was widespread, reaching 
beyond the battered construction industry, which lost 39,000 jobs, and 
manufacturing, where job losses hit 52,000.
  Retailers cut 34,000 jobs while business and professional service cut 
20,000 jobs. Temporary staffing firms cut nearly 28,000 jobs off their 
payrolls, another warning sign of employers pulling back, and hotels 
cut about 4,000 jobs, a sign that discretionary consumer spending could 
be on the wane. Overall, the private sector cut over 101,000 jobs 
according to the CNN Moneyline report.

[[Page 3626]]

  The widening recession in almost every sector, not just the goods-
producing sector, is extraordinarily important. I wish to place those 
numbers in the Record and say, Madam Speaker, America needs to create 
more real wealth here at home and stop borrowing prosperity and piling 
on more debt. We need to create jobs leading to energy independence in 
this country. We need to do more than just sort of flash our hand at 
that and be serious about it.
  We need new transportation systems in our country. We need new 
bridges in the ground. We need people to be employed, those who now are 
idle labor, in helping to build back our economy from coast to coast.
  A real stimulus package would lead our Nation to invest here at home, 
not just to borrow more from abroad. These numbers are serious omens. 
They're warning signs to those who have responsibility here in 
Washington to do more than manipulate interest rates. They would engage 
this Congress in an effort to build forward again in those sectors that 
would leave future generations real wealth, the kind of wealth that our 
ancestors left us: libraries, schools, highways, bridges, new energy 
systems, clean water systems, new transportation systems, new high-
speed rail, new air control towers; the kind of wealth that can't be 
outsourced that belongs to the American people for generations to come.
  Madam Speaker, I place in the Record the figures from the CNN 
Moneyline report about what happened with the biggest job loss in 5 
years in this past quarter.

                   Jobs Post Biggest Drop in 5 Years

                           (By Chris Isidore)

       New York.--Employers made their deepest cut in staffing in 
     almost five years in February, according to a closely watched 
     government report Friday that showed the labor market far 
     weaker than expected, fueling already building recession 
     fears.
       There was a net loss of 63,000 jobs, according to the Labor 
     Department, which is the biggest decline since March 2003 and 
     weaker than the revised 22,000 job loss reported for January. 
     Economists surveyed by Briefing.com had forecast a gain of 
     25,000 jobs in the most recent reading.
       The job loss was widespread, reaching beyond the battered 
     construction sector, which lost 39,000 and manufacturing, 
     where job losses hit 52,000. Retailers cut 34,000 jobs, while 
     business and professional services cut 20,000 jobs.
       Temporary staffing firms cut nearly 28,000 jobs off their 
     payrolls, another warning sign of employers pulling back, and 
     hotels cut about 4,000 jobs, a sign that discretionary 
     consumer spending could be on the wane.
       Overall the private sector cut 101,000 jobs, with only a 
     gain in government employment limiting losses.
       Despite the job loss, the unemployment improved to 4.8% 
     from the 4.9% reading in January. Economists had forecast the 
     unemployment rate would rise to 5%. The rate fell because of 
     a big jump in the number of people that the government 
     counted as no longer in the labor force.
       The labor market has weakened significantly in recent 
     months, prompting fears of recession along with a $170 
     billion economic stimulus package and a series of interest 
     rate cuts from the Federal Reserve.
       The Fed is next set to meet March 18 to consider what to do 
     with interest rates. Friday's report would seem to suggest 
     more rate cuts are on the way, despite the improved 
     unemployment rate.

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